A monopolistic competitor is like a perfectly competitive firm in the long run because:
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Expert's answer
2018-04-11T09:42:17-0400
A monopolistic competitor is like a perfectly competitive firm in the long run because new companies can enter the market. The economic profit in a short-run attracts more firms to join the monopolistic competition. Moreover, monopolistic competition has no barriers for the entrance of new entities compared to the perfect monopoly.
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